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How different factors effect competitiveness in the UK - Coggle Diagram
How different factors effect competitiveness in the UK
WAGES
if they are higher, there is a higher supply of labour
higher output
economies of scale - lower costs
lower prices
higher costs may encourage productivity
Productivity
higher productivity means more output per capital
lower costs
lower prices
Raw material costs
lower costs means producers can lower prices whilst still maintaining sufficient profit
Government regulation
labour regulation e.g. iminumum wage
inreases costs
passed down onto consumers through higher prices
Need to have sufficient work conditions
higher costs passed onto consumers via higher prices
Keeping up to date on technology
may cause higher costs - passed down to consumers through higher costs
may cause higher productivity